Term Plan
- 730
- 19
-
- Last Comment
Folks,
I need some inputs on term plans.
I have a icici term plan for 2 cr starting 3rd year in Feb. I had looked at Edelweiss zindagi + eterm plan where spouse is also covered if anything happens to you.
Also in general, what you think is better option if budget is fixed say 25k. 2 Cr term plan without any add-ons. 1/1.5 Cr term plan with add on benefits like critical illness cover.
Looking for expert opinion
- Sort By
Finally have u purchase policy or not?
Lic’s tech term plan is better. Though premium is slightly higher than icici but considering LIC reputation it is better
The premium of term plan increases with age.
The purpose of term plan is to ensure adequate financial safety to your family/dependents in case any thing happens to the issued. So not sure what purpose it would serve by continuing the cover of spouse. In case spouse is required to be covered, a separate term plan may be a better option.
ICICI term plan also has option of critical illness. But not very sure if it can be added to an existing policy.
Instead of having a single term plan with one insurer, having multiple smaller plans can be a better solution. Also, as one grows older, the earning capacity and financial responsibilities also increases. So adding to the total cover amount by taking a new addl term plan once every 5 years is better.
What will you suggest if my target is to have 2 cr coverage ? Well in spouse case, she will be additionally covered if anything happens. I will try to split plans … Is critical illness cover worth it ? That’s my question
critical illness cover is must
get spouse addition
its worth it
Which companies should we prefer for term plan? Can anybody list top 5?
@panchabhut @rogerthat @igen
Look for companies having High Claim Settlement Ratio. Good corporate governance (alongwith brand name and goodwill). Magnitude of Assets Under Management (AUM)and Solvency Ratio.
Also check whether in the past, it has violated any Irda norms. Top most companies are HDFC Life, Max Life, and LIC.
Can someone tags the experts? @Nigel @androgame if you know.